Myer releases First Half Results ending 25 January 2014.
First Half 2014 Financial Highlights
-1H FY2014 total sales up 0.3% to $1,737 million, up 1.2% on a comparable store sales basis
-Q2 total sales up 0.2% to $1,046 million, up 1.7% on a comparable store sales basis
-Myer Exclusive Brands sales up $7 million to 20.2% of sales
Operating gross profit
-Operating gross profit down 0.3% to $712 million
-Operating gross profit margin down 21 basis points (bps) to 41.0%
-Cash cost of doing business (CCODB) increased by 2.1% to $540 million
-Earnings before interest, tax, depreciation, amortisation (EBITDA) down 7.1% to $172 million
-Earnings before interest and tax (EBIT) down 10.5% to $127 million
-Net profit after tax (NPAT) down 8.1% to $81 million
-Basic EPS down 8.6% to 13.8 cents
-Net debt down 5.0% to $230 million
-Interim dividend of 9 cents per share, fully franked, to be paid on 8 May 2014 (Record Date is 31 March 2014)
Myer Chief Executive Officer, Bernie Brookes, said good progress had once again been made executing the company’s well-established five-point plan which continues to provide clear direction for the business.
“It was encouraging to achieve total sales growth despite significant sales disruption caused by three of the top 20 stores being under major refurbishment and the closure of our store at Dandenong (VIC). It was also pleasing that this growth was achieved on top of strong growth in the previous corresponding period (1H FY2013),” said Mr Brookes.
“The positive comparable store sales growth achieved in Q1 continued into Q2, and the business has now delivered comparable store sales growth in six of the last seven quarters. The second quarter was characterised by weak trading during November and the first half of December but with significant improvement immediately prior to Christmas and a very strong Stocktake Sale.”